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Latest Business News

Financier to Be Resentenced for Theft

Wednesday, March 22, 2006 4:49:40 PM

NEW HAVEN, Conn. (AP) - Financier Martin Frankel, sentenced to 16 years in federal prison for masterminding a scheme to loot insurance companies of more than $200 million, is scheduled to be resentenced Thursday to comply with a U.S. Supreme Court ruling on sentencing guidelines.

Using those guidelines, U.S. District Court Judge Ellen B. Burns sentenced Frankel in Dec. 2004 to 16 years and eight months in prison. But a Supreme Court ruling last January made the guidelines advisory rather than mandatory, and compelled the resentencing.

Burns has previously said the high court ruling would not have affected the sentence she imposed.


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